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• 6. FINANCIAL UPDATE <br /> The following is a summary from Finance Director Lori Johnson: <br /> Micro Loan Fund <br /> The Micro Loan Fund cash balance as of February 28, 1994, is <br /> $121,065.21. <br /> As of March 10, 1994, all March loan payments are current with <br /> the exception of PureSteam. There are currently two loans <br /> totalling $40,000 which have been approved, but have not <br /> closed. <br /> ACTION REQUESTED <br /> This is an informational item only and no action is requested. <br /> 7. ICE ARENA FINANCIAL FEASIBILITY STUDY <br /> At its February 14th meeting, the EDA appointed Finance Director <br /> • Lori Johnson, EDA President Jeff Gongoll, and EDA Vice-president <br /> Pat Dwyer to a committee for the purpose of interviewing and <br /> recommending a company to complete an independent financial <br /> feasibility study related to the proposed construction of a second ice <br /> arena. The original interview times were postponed and rescheduled <br /> for Friday, March 11, 1994. Therefore, the committee's <br /> recommendation will be presented to the EDA at its meeting on March <br /> 14th. Before finalizing the committee's recommendation, the EDA <br /> may also wish to formalize its relationship with the Elk River Youth <br /> Hockey Association regarding how the Association intends to repay the <br /> EDA in the event the study concludes that a second arena is not <br /> feasible. <br /> ACTION REQUESTED <br /> The EDA is asked to accept the screening committee's recommendation <br /> on a company to complete an independent feasibility study on the <br /> proposed construction on the second ice arena in Elk River. <br /> By way of action at its meeting on February 14th, the cost of this study <br /> shall not exceed $15,000. <br /> • <br />